Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Arabian Food & Dairy Factories Company (9536.SR)

Company Dividend Discount ModelIndustry: Packaged FoodsSector: Consumer Defensive

Valuation Snapshot

Stable Growth$55.33 - $83.54$68.64
Multi-Stage$112.15 - $123.35$117.64
Blended Fair Value$93.14
Current Price$68.95
Upside35.08%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS-16.25%0.00%1.502.543.173.184.893.640.000.000.000.00
YoY Growth---40.94%-19.95%-0.18%-35.04%34.39%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--1.67%2.75%3.53%3.44%5.30%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)9.11
(-) Cash Dividends Paid (M)3.91
(=) Cash Retained (M)5.20
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.821.140.68
Cash Retained (M)5.205.205.20
(-) Cash Required (M)-1.82-1.14-0.68
(=) Excess Retained (M)3.384.064.52
(/) Shares Outstanding (M)1.411.411.41
(=) Excess Retained per Share2.402.883.20
LTM Dividend per Share2.772.772.77
(+) Excess Retained per Share2.402.883.20
(=) Adjusted Dividend5.175.655.97
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate-2.00%-1.00%0.00%
Fair Value$55.33$68.64$83.54
Upside / Downside-19.75%-0.45%21.16%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)9.119.028.938.848.758.668.92
Payout Ratio42.88%52.31%61.73%71.15%80.58%90.00%92.50%
Projected Dividends (M)3.914.725.516.297.057.808.25

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.15%7.15%7.15%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)4.364.404.45
Year 2 PV (M)4.704.804.90
Year 3 PV (M)4.965.115.27
Year 4 PV (M)5.135.355.57
Year 5 PV (M)5.255.525.80
PV of Terminal Value (M)133.73140.70147.95
Equity Value (M)158.13165.88173.93
Shares Outstanding (M)1.411.411.41
Fair Value$112.15$117.64$123.35
Upside / Downside62.65%70.62%78.90%

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